Scripscan:Technocraft Industries (India) Ltd
Code:532804
Cmp:60
Story:Mumbai based TIIL is one of the largest producer of Drum closures.Company also has scaffolding division for which, last year, it entered into technical collaboration with an Italian co.Company has 15mwe power plant out of which 50% is captively used and balance 50% is merchant power.And its textile division has 86000 spindles,garment factory as well as fabric weaving facility.Drum closure had contributed Rs 167 crore to its sales while scaffolding division posted sales of 93 cr. In textile division, yarn had sales of 180 crores and garment division 34.51 cr.Power division contributed 24 cr to total sales.Scrip is trading at less than 6 times of FY11 Eps and 0.48xFY11 Book value.Now it is reliably learnt that company is selling its textile division.Deal is likely to be struct @ Rs 190 crores.Erstwhile promoter of Mudra (who sold their stake to Korean company)is buying for textile division of Technocraft.Current market cap is Technocraft is around 190 cr. With infusion of 190 cr from sale textile division,company is planning to become debt free and expand its Drum closure capacity.This move should improve Eps of Technocraft significantly.Hold on to the scrip.
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